FP Carmignac Global Bond

OEICGlobal marketArticle 0

Share Class

GB00BJHQ2H40

A global and flexible approach to Fixed Income markets

Access to a wide range of performance drivers: global rates, credit and currency strategies
Portfolio construction is a result of Fund manager views and market analysis with no bias to any benchmark
An unconstrained approach to implement convictions and seize tactical opportunities

Key documents

Monthly Factsheet KIID

Asset Allocation

Bonds87.1 %

Other12.9 %

Data as of: 30 Sep 2026.

Risk Indicator

1

2

3

4

5

6

7

Lowest risk Highest risk

Recommended Minimum Investment Horizon

2 years

Cumulative Performance since launch Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months

+ 26.7 %

-

+ 13.5 %

+ 17.4 %

+ 5.3 %

From 15/05/2019
To 22/10/2026

Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024Calendar Year Performance 2025

-

+ 5.8 %

+ 6.4 %

0.0 %

- 2.6 %

+ 4.3 %

+ 2.2 %

+ 3.2 %

Net Asset Value

£1.08

Asset Under Management

24 M £

Modified Duration 30/09/2026

4.3

Data as of: 30 Sep 2026.

Data as of: 22 Oct 2026.

Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.

The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.

Fixed income strategiesFP Carmignac Global Bond

FP Carmignac Global Bond fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of: 30 Sep 2026.

Fund management team

[Management Team] [Author] Rigeade Guillaume

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

Market environment

The Fed raised rates by 25 bps to 4%, maintaining a clearly hawkish stance. Economic activity remains very resilient, with 162k jobs created in August with a stable unemployment rate at 4.1%.
US inflation remains elevated at 3.4%, while core inflation is accelerating on a month-on-month basis. Higher energy prices could spill over more broadly across the economy and maintain pressure on the Fed.
The ECB raised its deposit rate by 25 bps to 2.5%. European economic activity remains resilient, with the composite PMI rising to 53.2 in September. However, the acceleration in headline inflation to 3.3% in August suggests that further monetary tightening may be warranted in the coming months.
The Bank of Japan raised rates by 25 bps to 1.25%, while the rise in Tokyo headline inflation to 2.7% could also support the case for further monetary tightening ahead.
The rates environment was highly volatile in September, with the US 2-year yield rising by 55 bps, compared with a 26bps increase for its German counterpart. Long-term yields were not spared, with the US 10-year yield climbing by 53 bps, versus 26 bps for the German 10-year yield.
French government bonds also came under significant pressure, with the OAT-Bund spread widening by 40 bps over the month, reflecting market concerns over the country’s fiscal trajectory and a deteriorating political backdrop ahead of a new presidential election.
In FX, the US dollar strengthened against the euro, supported by resilient US activity and a more hawkish Federal Reserve backdrop. The Japanese yen also appreciated, helped by the Bank of Japan’s rate hike. Emerging-market currencies were more mixed overall, with the Brazilian real holding up better while currencies such as the Mexican peso, Hungarian forint and South African rand came under pressure.

Performance commentary

In this context, the Fund delivered a positive performance, supported primarily by currency and interest-rate strategies.
On rates, performance was positive overall. Short positions in US Treasuries and French government bonds contributed positively as sovereign yields moved higher, while our long exposure to German rates detracted.
Emerging-market rates detracted slightly, mainly due to the underperformance of Hungarian local rates.
Credit strategies made a negative contribution overall. Developed-market credit detracted, particularly financials, while hard-currency emerging-market sovereign debt was the main drag. These losses were partly offset by gains from our credit protection positions.
Currency strategies were the main positive contributor over the month. Long positions in the Japanese yen, US dollar and Brazilian real all contributed positively.

Outlook strategy

Against a backdrop of persistent inflation, resilient growth, heavy sovereign financing needs, rising AI-related investment and tight credit spreads, the portfolio remained selectively and cautiously positioned. Modified duration stood at 4.45 at the end of September, slightly lower over the month. The portfolio continued to combine a short bias on long-end US rates, long European rates, long inflation positions, limited US dollar exposure and selective exposure to emerging-market currencies and credit.
Interest rates & inflation: We remain short long-end US Treasuries, as resilient activity, persistent inflation, large fiscal deficits and significant financing needs continue to put upward pressure on long-term yields. We also maintain long breakeven inflation positions. In Europe, we remain long German rates while retaining a short position in France, alongside a cautious stance on UK rates. Emerging-market local rates remain selective, with an increasing preference for Central and Eastern European markets.
Spread products: We maintain selective exposure to hard-currency emerging-market debt, notably in Romania, Hungary, Egypt and Argentina, alongside selected corporate credit. With valuations remaining tight, substantial iTraxx Xover protection is maintained to hedge against a potential widening in credit spreads.
Currencies: We maintain limited exposure to the US dollar and a long bias towards the euro. We continue to favor high-carry emerging-market currencies, notably the Brazilian real, Chilean peso and South African rand, as well as selected commodity-linked currencies. We also retain a long position in the Japanese yen, supported by expectations of further Bank of Japan monetary normalization amid persistent inflationary pressures.

Performance Overview

Data as of: 22 Oct 2026.

View Performance in detail

Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The Fund presents a risk of loss of capital.

Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Source: Carmignac at 23/10/2026

FP Carmignac Global Bond Portfolio overview

Below is an overview of the composition of the portfolio.

Asset Allocation

Data as of: 30 Sep 2026.


Bonds	87.1 %
Cash, Cash Equivalents and Derivatives Operations	9.4 %
Money Market	3.5 %
Credit Default Swap	-15.4 %

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Top 10

Data as of: 30 Sep 2026.


ITALY 1.25% 15/09/2032	10.2%
UNITED STATES 1.25% 15/04/2031	6.0%
ITALY 0.65% 28/10/2027	5.0%
ITALY 1.60% 28/06/2030	4.9%
ITALY 1.10% 15/08/2031	4.7%
OMAN 6.75% 28/10/2027	3.6%
UNITED STATES 0.12% 15/07/2030	3.6%
POLAND 2.00% 25/08/2036	3.3%
HUNGARY 4.50% 16/06/2034	3.2%
ITALY 2.10% 26/08/2027	2.7%

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Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.

Exposure Data

Data as of: 30 Sep 2026.

Modified Duration4.3

Yield to Maturity3.9%

Average Coupon3.6%

Number of Issuers55

Number of Bonds70

Average RatingBBB+

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The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Manager.

Fund Management Team

Guillaume RIGEADE

Co-Head of Fixed Income, Fund Manager

View Fund's characteristics

The flexibility of our investment process allows us to take advantage of all performance drivers offered by the fixed income universe, and thus to build a diversified portfolio based on solid convictions.

View Fund's characteristics

Articles that may interest you

Strategies insights • 15 October 2026 • English

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All analysis

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View characteristics and risks

Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.

The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performance is shown net of fees (excluding any subscription fees payable to the distributor). Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.